Shell Energy Entrepreneurs banner Yudala banner
MTN share price crashes

By Robert Laing on 29/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 369


MTN’s share price fell 2% to R133 on Thursday morning after it warned that a R6bn profit from a deal with cellphone tower operator IHS would be cut by R2.8bn.

MTN said the R6bn profit it had booked in its interim results from the deal had been reduced to R3.2bn by a R2.8bn loan agreement in the second half of its financial year.

In February, MTN exchanged cellphone towers it owned in Nigeria in a partnership with IHS, called Interco, for a 29% stake in an enlarged IHS. This deal included a $231m (about R2.8bn) shareholder loan which MTN said had now been assigned to IHS.

“The combination of the profit from the exchange of Interco shares for IHS shares in the first half of the 2017 financial year and the loss on assignment of the shareholder loan in the second half of the year has a combined positive impact of R3.2bn to earnings in 2017,” Thursday’s statement said.

MTN’s financial year ends in December and it releases its results in early March.

As part of the deal, IHS “has facilitated certain network volume commitments and provided more attractive terms for MTN Nigeria’s future network roll-out applicable from 2018 onwards,” the statement said.

“The agreement allows MTN Nigeria to continue to invest in its network more efficiently, and further simplifies MTN’s interests in IHS.

“The agreement will enable MTN and IHS to mutually benefit from continued investment and commitment to the roll-out of broadband and data services in Nigeria,” MTN said. (Business Day SA)

 

Source News Express

Posted 29/12/2017 12:37:21 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Marketing Edge wins NIMN 2012 Marketing Magazine of...

NRC investigates train collision, begins repair works on...

Igbos celebrate German-born Biafran hero

Uproar over N10,000 Ebola test charge by UCH...

IPOB declares Retired IGP Solomon Arase an international...

Breaking: APGA heads for election tribunal to challenge...

Okra can lead to infertility in men —...

Defence Headquarters alerts on new terror plots

Permanent Secretary warns Lagos teachers, students against examination...

Bayelsa Senator-elect, others dump PDP for APC

No plan to hike petrol price, say Kachikwu,...

Shehu Sani dares Buhari to include cabals in...

 

Latest News BREAKING: Kidnapped American, Canadian rescued in Kaduna Why I stand with Buhari, By Femi Adesina 8 APC chieftains kidnapped Niger Delta militants abduct 5 oil workers Herdsmen kill Taraba monarch, 28 others in fresh attacks Still on murderous Fulani kidnappers, By Yushau A. Shuaib APC governors endorse Buhari for second term, okay Amaechi as DG Buhari Campaign Organization South African policemen kill another Nigerian Shutdown: US Government agencies prepare for the worst Beyond Wanny: Politics of the crisis in Omoku, By Kingsley George Helpless refugees frozen to death El-Rufai backpedals, asks sacked Kaduna teachers to reapply

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,555 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,598 views) Shameless Genevieve Nnaji exposes breasts in public (244,948 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,523 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,176 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,477 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,596 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,868 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,083 views) Lagos plane crash: Journalist releases victims’ names (124,558 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,786 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,983 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,748) Interviews (139) Live Commentary (28) Love Matters (100) News (32,028) Opinion (868) Pidgin (10) Politics (4,358) Religion (666) Sports (1,407) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!